Financial Performance - The company's operating revenue for 2024 was RMB 24,277,783,283, a decrease of 8.33% compared to RMB 26,485,200,199 in 2023[21]. - The net profit attributable to shareholders for 2024 was RMB 722,044,680, down 25.36% from RMB 967,330,384 in 2023[21]. - The cash dividend proposed for 2024 is RMB 0.16 per share, with a total distribution of RMB 220,555,803, representing 30.55% of the net profit attributable to shareholders[5]. - The net cash flow from operating activities for 2024 was RMB 1,254,574,290, a decline of 14.33% from RMB 1,464,349,957 in 2023[21]. - The total assets as of the end of 2024 were RMB 22,931,249,017, a decrease of 5.35% from RMB 24,227,319,907 in 2023[21]. - Basic earnings per share for 2024 were RMB 0.52, down 25.71% from RMB 0.70 in 2023[22]. - The weighted average return on equity for 2024 was 7.85%, a decrease of 3.59 percentage points from 11.44% in 2023[22]. - The company reported a significant drop in net profit after deducting non-recurring gains and losses, with a basic earnings per share of RMB 0.12, down 68.42% from RMB 0.38 in 2023[22]. Revenue Breakdown - In Q1 2024, the company reported revenue of CNY 6,417,076,216, while Q2 revenue was CNY 6,296,635,863, indicating a slight decline of 1.88%[24]. - The dairy manufacturing segment generated revenue of 21.96 billion, down 4.56%, with a gross margin of 20.01%, a decrease of 1.30 percentage points[47]. - The livestock segment's revenue fell by 41.74% to 1.02 billion, with a gross margin of -4.75%, down 9.03 percentage points[48]. - Liquid milk revenue decreased by 9.47% to 14.17 billion, with a gross margin of 26.46%, down 0.14 percentage points[48]. - Revenue from other dairy products increased by 5.87% to 7.79 billion, but the gross margin decreased by 1.76 percentage points to 8.27%[48]. - Revenue from Shanghai decreased by 5.39% to 6.73 billion, while revenue from other regions fell by 14.73% to 9.99 billion[49]. Operational Efficiency and Strategy - The company is focusing on enhancing operational efficiency through industry chain integration and innovation to adapt to market changes and consumer demands[29]. - The company operates a comprehensive supply chain, including dairy farming, product development, processing, and logistics, ensuring high-quality product delivery[32]. - The company is committed to digital transformation and technological innovation to improve management and operational capabilities[30]. - The company has enhanced its supply chain efficiency through regional production and sales integration projects, leading to significant cost reductions[40]. - The company is focusing on digital transformation to improve operational efficiency and data accuracy, implementing technologies like workflow management systems and RPA[42]. Research and Development - The company applied for 80 national patents in 2024, including 67 invention patents, and was granted 41 national invention patents[40]. - Research and development expenses increased by 58.72% to 136.81 million, primarily due to increased factory R&D projects[46]. - New product development initiatives are underway, with an investment of 1,009.14 million allocated for research and development in innovative technologies[106]. Corporate Governance - The company strictly adheres to the Company Law and Securities Law, ensuring equal rights for all shareholders, particularly minority shareholders[99]. - The board of directors and supervisory board operate independently, with no interference from the controlling shareholder[99]. - The company has revised its articles of association and governance rules to enhance corporate governance practices[100]. - The total pre-tax remuneration for the chairman is approximately CNY 1.73 million, while the deputy general manager's remuneration is around CNY 1.14 million[103]. Environmental and Social Responsibility - The company is committed to sustainable development practices, integrating sustainability into its operational decisions[94]. - The company has established a comprehensive food safety management system to ensure product quality and consumer health[96]. - The company has established environmental protection mechanisms and complies with relevant regulations as a key pollutant discharge unit[141]. - The company reduced carbon emissions by 10,510.84 tons during the reporting period through various carbon reduction measures[153]. - The company provided employment opportunities for approximately 53,000 person-times through temporary employment in rural areas[158]. Future Outlook - The company aims to achieve total revenue of 24.278 billion yuan in 2024, with a completion rate of 83.63%, and a net profit of 722 million yuan, exceeding the target by 127.34%[92]. - The company plans to reach total revenue of 26.196 billion yuan and a net profit of 339 million yuan in 2025, with a fixed asset investment of approximately 406 million yuan[92]. - The company plans to expand its market presence by increasing its product offerings and enhancing distribution channels, targeting a 10% growth in market share over the next fiscal year[105]. Shareholder Information - The largest shareholder, Bright Food (Group) Co., Ltd., holds 711,860,596 shares, representing 51.64% of the total shares[194]. - The total number of shares held by the top ten shareholders is 751,000,000, which constitutes 53.98% of the total share capital[194]. - The shareholding structure indicates a significant concentration of ownership among the top shareholders, with the largest shareholder holding over 50%[194].

光明乳业股份有限公司 自 2024 年 1 月 1 日 至 2024 年 12 月 31 日止年度财务报表 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 审计报告 毕马威华振审字第 2514425 号 光明乳业股份有限公司全体股东： 一、审计意见 我们审计了后附的光明乳业股份有限公司(以下简称"光明乳业") 财务报表，包括 2024年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公司现金 流量表、合并及母公司股东权益变动表以及相关财务报表附 ...

关于青海小西牛生物乳业股 份有限公司 业绩承诺实现情况的 专项审核报告 关于青海小西牛生物乳业股份有限公司 业绩承诺实现情况的 专项审核报告 | | 目录 | 页次 | | --- | --- | --- | | 一、 | 专项审核报告 | 1-2 | | 二、 | 关于青海小西牛生物乳业股份有限公司 | 1 | | | 业绩承诺实现情况的说明 | | 关于青海小西牛生物乳业股份有限公司 业绩承诺实现情况的 专项审核报告 信会师报字[2025]第 ZA20322 号 青海小西牛生物乳业股份有限公司全体股东： 二、 管理层的责任 青海小西牛管理层的责任是按照企业会计准则的相关规定，编制 《关于青海小西牛生物乳业股份有限公司业绩承诺实现情况的说明》， 并负责设计、执行和维护必要的内部控制，以保证其内容真实、准确、 完整，以及不存在由于舞弊或错误而导致的重大错报。 三、 注册会计师的责任 我们的责任是在实施审核工作的基础上对《关于青海小西牛生物 乳业股份有限公司业绩承诺实现情况的说明》发表审核意见。 专项审核报告第1页 四、 工作概述 我们接受委托，审核了后附的青海小西牛生物乳业股份有限公司 （以下简称"青海小西牛 ...

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Core Viewpoint - The demand for pasteurized milk in China is declining due to macroeconomic slowdown and consumer confidence issues, with projected consumption dropping to 1.7818 million tons and market size to 35.889 billion yuan in 2024 [1][8]. Overview - Pasteurized milk, also known as pasteurized milk or fresh milk, is produced from raw cow (or sheep) milk through pasteurization, retaining its nutritional value and natural flavor, making it popular among consumers [2]. - It requires refrigeration at around 4°C and has a short shelf life of 2-7 days. It can be categorized into whole, low-fat, and skimmed pasteurized milk based on fat content, and pure or flavored based on added ingredients [2]. Industry Policies - A series of policies have been implemented to support the dairy industry in China, including the "14th Five-Year Plan" for enhancing dairy competitiveness and various initiatives aimed at rural revitalization and high-quality development of the dairy sector [4][5]. Industry Chain - The upstream of the pasteurized milk industry includes milk sources (dairy cattle and sheep farming), production equipment, and packaging materials, while the downstream encompasses sales channels such as supermarkets, convenience stores, and e-commerce platforms [6][7]. Competitive Landscape - The market concentration of the pasteurized milk industry in China has increased, with leading companies like Bright Dairy, Mengniu Dairy, and New Hope Dairy holding over 70% of the market share. Bright Dairy has the largest share at 18.5%, followed by Mengniu Dairy at 12.6% [10]. - Bright Dairy's revenue for the first half of 2024 reached 12.71 billion yuan, with liquid milk accounting for 61.16% of sales [12]. - Mengniu Dairy reported a revenue of 44.67 billion yuan in the first half of 2024, with a gross profit of 17.98 billion yuan and a gross margin of 40.26% [14]. Development Trends - The competition in the pasteurized milk market is expected to intensify, leading companies to focus on product differentiation. Brands will likely introduce unique products such as functional and organic pasteurized milk, along with innovative forms and flavors to cater to younger consumers [16].

百年乳企光明乳业"花开"春糖，创新产品闪耀国际舞台 3月25日-27日，第112届全国糖酒商品交易会在成都盛大开幕。百年乳企光明乳业以"花开见光明"为主题惊艳亮相，通过创 新产品展示、沉浸式品牌体验和线上线下联动，向业界与消费者展现了深厚的品牌底蕴与蓬勃的创新活力，共同感受百年 乳企在乳制品行业的"领鲜"实力。 三款新品入围大赛，光明乳业引领健康消费趋势 乳制品始终承载着提升国民健康水平的重大使命。光明乳业时刻倾听消费者心声，聚焦营养与健康，用科技创新赋能鲜活 产品力，推出了大量能满足人民美好生活需求的产品。在本次春糖首次举办的"IDEAS创新产品大赛"中，光明乳业旗下三款 酸奶、奶酪产品凭借卓越品质与差异化优势成功入围。 光明莫斯利安轻酸奶，精准契合当下消费者对健康与美味的双重追求，在原有配方基础上进行升级优化，减少25%蔗糖，每 瓶含有3.2g膳食纤维，营养轻负担，颠覆传统口感，满足健康与美味的双重需求，为常温酸奶市场注入新活力。光明优倍浓 醇高钙奶酪棒，以优倍浓醇牛奶为原料，创新雪花棒设计，兼具营养与趣味，打破了传统干酪的形式束缚，重新定义休闲 零食，满足消费者随时随地享受营养美味的需求。小西牛青稞黑米 ...

Company Overview - Bright Dairy adheres to the mission of "serving the nation through dairy" and "protecting the national physique," deepening its "Fresh Leadership" strategy and driving brand growth through diversified development paths [1] - As a leading domestic high-end dairy product company, Bright Dairy aims to cultivate new productive forces, enhance market competitiveness, and contribute to the sustainable and high-quality development of the industry [1] Innovation and Technology - Bright Dairy leverages its national key laboratory to drive technological innovation, focusing on meeting national and consumer needs and promoting the industrial transformation of research results [2] - The company has established a leading domestic lactic acid bacteria resource library and launched a series of market-leading products [2] - In 2024, Bright Dairy introduced over 40 new products, covering multiple categories such as milk, yogurt, and nutritional products, to meet diverse consumer needs [9] - The company launched the "Bright Yoube 5.0 Ultra-Fresh Milk" with 300mg/l of active immunoglobulin and 170mg/100ml of native calcium, 41.6% higher than the international standard of 120mg/ml [4] - Bright Dairy employs advanced NF+MF membrane technology to concentrate nutrients, reduce sodium content, and offer high-nutrition, low-burden products [4] Brand and Marketing - Bright Dairy emphasizes its "Fresh Vitality" brand characteristic, reflecting its leadership and innovation in the dairy industry [3] - The company integrates cultural innovation into marketing, collaborating with cultural institutions like the Shanghai Museum and participating in events such as the Shanghai International Art Festival [6] - Bright Dairy engages in sports marketing, leveraging events like the Paris Olympics and Shanghai Tennis Masters to enhance brand influence [18] - The company also explores digital assets, combining traditional culture with cutting-edge technology to create innovative digital products [12] Sustainability and Social Responsibility - Bright Dairy pioneered a nationwide milk carton recycling program, expanding to plastic bottle recycling and covering 90 cities by 2024, with over 992,000 cartons recycled and 580,000 participants [8] - The company launched the "Bright Warmth Yunnan Children" charity project, donating milk and children's growth formula to support rural revitalization in Yunnan Province [8] - Bright Dairy's "Community Love Initiative" involved distributing high-quality fresh milk to residents, fostering a win-win interaction between the company and the community [10] Future Outlook - Bright Dairy plans to continue upgrading products and services, focusing on innovation and craftsmanship to create higher-quality dairy products [17] - The company aims to strengthen its brand through cross-border collaborations and cultural dissemination, building a unique core brand asset [17] - Bright Dairy is committed to fulfilling its new mission in the era of comprehensive revitalization of China's dairy industry [19]